Civic Intelligence

Wake Forest University Foundation

990 • Fiscal year 2021 • EIN 56-2038193

Jul 01, 2020 to Jun 30, 2021 • Filed on May 16, 2022

Organization ProfileN/A
PO Box 7201WinstonSalem, NC 27109

(336) 758-5233

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

61st percentile

0.45x

Higher debt load relative to assets than 61% of similar nonprofits.

2021 filings • NTEE B • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

99th percentile

158.57x

Higher debt load relative to revenue than 99% of similar nonprofits.

2021 filings • NTEE B • $5M-$10M nonprofits • Source year 2021

Net Margin

1st percentile

-928%

Higher net margin than 1% of similar nonprofits.

2021 filings • NTEE B • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

100th percentile

$1,753,953

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 6803.0% of source-year revenue.

2021 filings • NTEE B • $5M-$10M nonprofits • Source year 2021

Asset Growth

17th percentile

-2.4%

Faster asset growth than 17% of similar nonprofits.

2021 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

88th percentile

69%

Faster revenue growth than 88% of similar nonprofits.

2021 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets61st percentile

Assets

Down

$9,025,553

Down $223,245 (-2.4%) from 2020

Net Assets

Down

$4,937,371

Down $442,464 (-8.2%) from 2020

Liabilities

Up

$4,088,182

Up $219,219 (+5.7%) from 2020

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin1st percentile

Revenue

Up

$25,782

Up $10,527 (+69%) from 2020

Expenses

Down

$265,063

Down $48,471 (-15%) from 2020

Net Income

Up

-$239,281

Up $58,998 (+20%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2010: $14,876,580Liabilities 2010: $825,017Net Assets 2010: $14,051,5632010Assets 2011: $11,680,835Liabilities 2011: $2,082,798Net Assets 2011: $9,598,0372011Assets 2012: $11,530,955Liabilities 2012: $2,314,107Net Assets 2012: $9,216,8482012Assets 2013: $11,347,440Liabilities 2013: $2,529,145Net Assets 2013: $8,818,2952013Assets 2014: $11,249,055Liabilities 2014: $2,745,979Net Assets 2014: $8,503,0762014Assets 2015: $11,139,747Liabilities 2015: $2,933,493Net Assets 2015: $8,206,2542015Assets 2016: $11,035,532Liabilities 2016: $3,117,703Net Assets 2016: $7,917,8292016Assets 2017: $10,937,973Liabilities 2017: $3,305,379Net Assets 2017: $7,632,5942017Assets 2018: $10,806,166Liabilities 2018: $3,489,215Net Assets 2018: $7,316,9512018Assets 2019: $10,674,918Liabilities 2019: $3,686,718Net Assets 2019: $6,988,2002019Assets 2020: $9,248,798Liabilities 2020: $3,868,963Net Assets 2020: $5,379,8352020Assets 2021: $9,025,553Liabilities 2021: $4,088,182Net Assets 2021: $4,937,3712021Assets 2022: $7,089,565Liabilities 2022: $2,311,199Net Assets 2022: $4,778,3662022Assets 2023: $7,526,237Liabilities 2023: $2,479,913Net Assets 2023: $5,046,3242023Assets 2024: $5,869,353Liabilities 2024: $73,859Net Assets 2024: $5,795,4942024

Highlighted filing

2021

Assets$9,025,553
Liabilities$4,088,182
Net Assets$4,937,371
Open 2021 Filing

Operations Trend

Revenue Growth88th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,422,6052010Expenses 2011: $4,538,6502011Expenses 2012: $441,7602012Expenses 2013: $438,9882013Revenue 2014: $32,744Expenses 2014: $351,704Net Income 2014: -$318,9602014Revenue 2015: $24,317Expenses 2015: $324,379Net Income 2015: -$300,0622015Revenue 2016: $21,163Expenses 2016: $403,670Net Income 2016: -$382,5072016Revenue 2017: $23,522Expenses 2017: $413,275Net Income 2017: -$389,7532017Revenue 2018: $37,694Expenses 2018: $353,337Net Income 2018: -$315,6432018Revenue 2019: $13,664Expenses 2019: $339,782Net Income 2019: -$326,1182019Revenue 2020: $15,255Expenses 2020: $313,534Net Income 2020: -$298,2792020Revenue 2021: $25,782Expenses 2021: $265,063Net Income 2021: -$239,2812021Revenue 2022: $32,660Expenses 2022: $201,138Net Income 2022: -$168,4782022Revenue 2023: $165,184Expenses 2023: $259,187Net Income 2023: -$94,0032023Revenue 2024: $156,092Expenses 2024: $284,826Net Income 2024: -$128,7342024

Highlighted filing

2021

Revenue$25,782
Expenses$265,063
Net Income-$239,281
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 16, 2022
Return Version
2020v4.0
Gross Receipts
$159,895
Mission and Program Overview

Mission

The organization operates as a supporting organization exclusively for the benefit of Wake Forest University ("WFU"). Its objectives include: (1) serving as a holding and management company for long-term properties and endowments; (2) managing planned-giving properties and programs; (3) assisting in WFU development; (4) obtaining, acquiring, receiving, constructing, erecting or otherwise providing real and personal property; improving properties to which the organization holds title; and holding, retaining, leasing, licensing, renting, managing, investing, reinvesting, selling, or otherwise disposing of or assigning the income from and/or rights in or to real and personal property; and (5) establishing subsidiary organizations or entities.

The organization operates as a supporting organization of Wake Forest University. It holds, improves, leases and manages long-term properties and endowments and supports WFU through such activities conducted both by itself and through subsidiary organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,159,771$8,912,844▼ $246,927
Cash and Non-Interest-Bearing Accounts$77,782$90,835▲ $13,053
Accounts Receivable$8,516$19,350▲ $10,834
Inventories for Sale or Use$2,729$2,524▼ $205
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$9,248,798$9,025,553▼ $223,245
Other Assets Total-$0-
Liabilities
Other Liabilities$3,861,817$4,082,548▲ $220,731
Accounts Payable and Accrued Expenses$7,146$5,634▼ $1,512
Total Liabilities$3,868,963$4,088,182▲ $219,219
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,379,835$4,937,371▼ $442,464
Total Net Assets Fund Balance$5,379,835$4,937,371▼ $442,464
Total Liabilities and Net Assets / Fund Balance$9,248,798$9,025,553▼ $223,245

Asset Categories

AssetBook ValueDepreciationBasis
Land$8,023,222-$8,023,222
Buildings$883,445$1,497,652$2,381,097
Equipment-$22,961$22,961
Other Land Buildings-$9,300$9,300
Leasehold Improvements$6,177$1,090$7,267
Compensation and Service Providers
Top Officer Pay100th percentile

Board Members and Trustees

NameTitle
Frank B HoldingChair
Nathan O Hatch PhDPresident
Jorge RodriguezVice Chair
Curtis C FarmerTrustee
Diana AdamsTrustee
James M O'ConnellTrustee
John M McAvoyTrustee
Lisbeth Clark EvansTrustee
Michael J SelverianTrustee
Mit B ShahTrustee
Ogden Phipps IITrustee
Robert J McCrearyTrustee
Shannon Spence TownsendTrustee
Anita M ConradAsst. Secretary
J Reid MorganSecretary
B Hofler MilamVP & Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
None---
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$25,782
Change in Net Assets
$-239,281

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,782
Revenue Not Reported on Form 990
$179,081
Total Revenue per Audited Statements
$204,863
Total Revenue per Form 990
$25,782
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$265,063
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$34,375--$34,375
Depreciation Depletion$25,414--$25,414
Insurance$7,122--$7,122
Office Expenses$3,165--$3,165
Fees for Services Management$1,529--$1,529
Other Expenses$382--$382
Total Functional Expenses$265,063$0$0$265,063

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$646,844
Expenses Not Reported on Form 990$387,650
Total Expenses per Form 990$265,063
Expenses per Audited Statements$259,194
Expenses Not Reported on Financial Statements$5,869
Other Expense Adjustments$5,869
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Wake Forest University$4,074,484
Asset Retirement Obligation$6,378
Deferred Revenue$1,686
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The organization sends a draft of the Form 990 to its Board of Trustees prior to its filing, allowing adequate time for follow-up questions and comments. The organization provides a copy of the Form 990 as finalized to all members of the Board of Trustees prior to filing it with the IRS.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization requires officers and trustees to annually review the organization's Conflicts of Interest Policy and to disclose annually (and as they arise) any potential conflicts of interest. The policy provides a process for the determination of conflicts of interest and the resolution of potential and actual conflicts by the remaining independent Board members (or an independent third party appointed by the Chair, when appropriate).”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The President(CEO)receives compensation for full-time employment with the related organization, Wake Forest University. Compensation review and approval are performed in that entity.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The filing organization has no employees, but officers receive compensation for employment with the related organization, Wake Forest University. Compensation review and approval are performed in that entity.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization's Articles of Incorporation are available to the public on request and are available on the website of the North Carolina Secretary of State. The organization's bylaws are not published, but provisions from the bylaws are included as necessary in the organization's policies. The organization's conflicts of interest policy is available to the public upon request. The organization is included in the consolidated financial statements of related organization, Wake Forest University, which are available to the public on the University's website: www.wfu.edu.”

Form 990 Part VII

“Hours Allocated to This and Other Related and Affiliated Organizations:J. Reid MorganFiling Organization: 0.2 hoursRelated Organizations: 34.3 hoursAffiliated Orgs: 7.0 hoursNathan O. Hatch, Ph.D.Filing Organization: 0.2 hoursRelated Organizations: 34.0 hoursAffiliated Orgs: 5.8 hoursB. Hofler MilamFiling Organization: 0.2 hours Related Organizations: 36.6 hoursAffiliated Orgs: 3.0 hoursAnita ConradFiling Organization: 0.4 hoursRelated Organizations: 39.6 hoursAffiliated Orgs: 0.0 hours”

Filing and Contact Details

Filer

Filer Name
Wake Forest University Foundation
EIN
56-2038193
Phone
3367585233
Address
PO Box 7201, WinstonSalem, NC 27109

Signing Officer

Name
B Hofler Milam
Title
VP & Treasurer
Signed
2022-05-16

Organization Details

Principal Officer
Susan R Wente PhD
Formed
1996
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
12
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Allocated financial services = $4270”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Book/Tax expense difference depreciation = -$1599”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Tax/Book impairment/differences = -$205854”

Form 990, Part XII, Line 2: Change of Oversight or Selection Process

“The filing organization is included within the consolidated audit of the parent organization, Wake Forest University, and information concerning the filing organization is subject to review by the Audit and Compliance Committee of the Wake Forest University Board of Trustees.”

Financial Statement Notes

Part X : FIN48 Footnote

“The filing organization is not required to provide a FIN 48 Statement separate from its parent, Wake Forest University, with which it prepares a consolidated financial statement. There are no known FIN 48 disclosure items in the Foundation. The footnote for income taxes from the consolidated financial statements of its parent, Wake Forest University, is as follows:The University is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and is generally exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. If applicable, unrelated business income is reported by all member and subsidiary organizations on IRS Form 990-T. Fiscal years ending on or after June 30, 2018 remain subject to examination by federal and state tax authorities. The University has evaluated uncertain tax positions for the years ended June 30, 2021, including a quantification of tax risks in areas such as unrelated business income and taxation of its for-profit subsidiaries. This evaluation did not identify any material items that affect the consolidated financial statements for the year ended June 30, 2021.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Rental expense reclass $134113 Rounding $0”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Book Impairment $206569 Rental expense reclass $134113”

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Book/Tax Diff - Depreciation/Impairment $1599 Campus Financial Services allocation $4270 Book/Tax Difference miscellaneaous $0”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1VP & Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Asst. Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Trustee
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt08912844
IRS990/LandBldgEquipCostOrOtherBssAmt010443847
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IRS990/MembersOrStockholdersInd0false
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IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0The organization operates as a supporting organization exclusively for the benefit of Wake Forest University ("WFU"). Its objectives include: (1) serving as a holding and management company for long-term properties and endowments; (2) managing planned-giving properties and programs; (3) assisting in WFU development; (4) obtaining, acquiring, receiving, constructing, erecting or otherwise providing real and personal property; improving properties to which the organization holds title; and holding, retaining, leasing, licensing, renting, managing, investing, reinvesting, selling, or otherwise disposing of or assigning the income from and/or rights in or to real and personal property; and (5) establishing subsidiary organizations or entities.
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
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IRS990/OtherExpensesGrp/Desc1Repairs and Maintenance
IRS990/OtherExpensesGrp/Desc2Lease/Rent Expense
IRS990/OtherExpensesGrp/Desc3Miscellaneous
IRS990/OtherExpensesGrp/ProgramServicesAmt0138685
IRS990/OtherExpensesGrp/ProgramServicesAmt130391
IRS990/OtherExpensesGrp/ProgramServicesAmt224000
IRS990/OtherExpensesGrp/ProgramServicesAmt3382
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IRS990/OtherExpensesGrp/TotalAmt224000
IRS990/OtherExpensesGrp/TotalAmt3382
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
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IRS990/PrincipalOfficerNm0Susan R Wente PhD
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Wake Forest University
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IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt07267
IRS990ScheduleD/OtherExpensesIncludedAmt0340682
IRS990ScheduleD/OtherExpensesNotIncludedAmt05869
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt09300
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11686
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt24074484

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,025,553
Liabilities
$4,088,182
Net assets
$4,937,371
Revenue
$25,782
Expenses
$265,063
Net income
-$239,281
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.87$0.07$5.80$0.16$0.28$0.13
2023Detailed filing. Detailed filing data is available for this year.$7.53$2.48$5.05$0.17$0.26$0.09
2022Detailed filing. Detailed filing data is available for this year.$7.09$2.31$4.78$0.03$0.20$0.17
2021Detailed filing. Detailed filing data is available for this year.$9.03$4.09$4.94$0.03$0.27$0.24
2020Detailed filing. Detailed filing data is available for this year.$9.25$3.87$5.38$0.02$0.31$0.30
2019Detailed filing. Detailed filing data is available for this year.$10.7$3.69$6.99$0.01$0.34$0.33
2018Detailed filing. Detailed filing data is available for this year.$10.8$3.49$7.32$0.04$0.35$0.32
2017Detailed filing. Detailed filing data is available for this year.$10.9$3.31$7.63$0.02$0.41$0.39
2016Detailed filing. Detailed filing data is available for this year.$11.0$3.12$7.92$0.02$0.40$0.38
2015Detailed filing. Detailed filing data is available for this year.$11.1$2.93$8.21$0.02$0.32$0.30
2014Detailed filing. Detailed filing data is available for this year.$11.2$2.75$8.50$0.03$0.35$0.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.3$2.53$8.82$0.44
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.5$2.31$9.22$0.44
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.7$2.08$9.60$4.54
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.9$0.83$14.1$1.42